VANCOUVER, BC / ACCESSWIRE / June 28, 2022 / (TSXV:GDP) Golden Pursuit Resources Inc. ("Golden Pursuit").
Golden Pursuit is pleased to report that it has completed a work program consisting of sampling, line-cutting, permitting and geophysical surveys (magnetometer and IP) undertaken at the South Gordon Lake Project in the NWT. This work is summarized in a new NI 43-101 report which will be posted on Sedar and on the company's website (www.goldpursuit.ca).
The property comprises ten historical occurrences of high-grade gold in quartz veins. The current mineral tenure comprises four (4) historical mining leases, eighteen (18) territorial claims and thirteen (13) federal claims. The South Gordon Lake property lies 80 kilometers north-northeast of Yellowknife, the capital city of Northwest Territories. The total land package of 6,851.27 hectares with all properties owned 100% with no payments and no royalties except an optioned 1% NSR on two recently acquired leases (Vaydik and Nickerson).
The South Gordon Lake occurrences are underlain by metaturbidites of the Archean Burwash Formation, and the area is considered favorable for turbidite-hosted quartz vein gold deposits. Gold mineralization is commonly accompanied by sulphides and appears structurally controlled, contained within veins formed by folding of a prominent refold at Gordon Lake at the continued movement through shearing on the limbs of the refold.
Notable examples of similar deposit types include the Meguma Group deposits in Nova Scotia, which produced in excess of 1.5 million ounces of gold, the Bendigo District deposits in Australia including Kirkland Lake Resources, which have produced in excess of 18 million ounces of gold and the recently discovered New Found Gold turbidite hosted deposits in Newfoundland. Although New Found Gold is situated in Cambrian to Silurianaged rocks, the mechanisms of emplacement can be used to build a conceptual model for the South Gordon Lake project. Clearly, major structures are important. The grades of these types of deposits commonly range from 5 g/t to more than 50 g/t gold.
Sampling from the fall 2021 program resulted in spectacular sample results that included 1 sample of 6,190 grams/t, 2 samples of >1,000 gms/t and many of the showing areas have historical intersections of high-grade gold content, ranging from 10's of g/t up to > 400 g/t Au across widths ranging from 0.3 meters to 1.5 meters. The Kidney Pond area has historical intersections ranging up to 4 g/t Au across 20 meters of true width. It is the ambition of Golden Pursuit to develop large breccia zones that are close to surface and host the historic intersections amenable to bulk surface and underground mining methods. The structural refold zone located south of the previously explored properties at Gordon Lake is described in a PhD thesis by Dr. Tim Stokes and has generally been ignored by previous operators whose focus was on veins with a minimum 15 gm/ton Au content due to gold prices and logistics. Golden Pursuit believes that the south end of Gordon Lake represents a large, mineralized gold system with the opportunity to systematically explore all the occurrences in what can only be termed as under-explored.
The historical work at Camlaren has shown that high-grade gold mineralization continues at depth below the historical mining depth of 1,000 feet. The highest-grade intersection reported from the 1980 drill program was at 1,120 feet below surface returning 2.65 ounces/ton Au across 21.1 feet (82.41 g/t Au across 6.43 meters).
Brian McClay, President and Chief Executive Officer of Golden Pursuit commented "Golden Pursuit has for the first time in history consolidated the ownership of all known historical producers and advanced projects in the South Gordon Lake district under one corporate owner and has completed the first serious exploration effort since the early 1990's. Our field geologists have identified multiple sets of quartz veins and breccia zones at key prospects containing gold grades hosted by turbidite formations and we look forward to further developing these assay results in the near term."
- The exploration program through 2021 allowed for the relocation of many of the quartz veins and breccia zones to be revisited and resampled along with new zones being recognized. Sampling has shown that historical assays have been confirmed with a significant number of 2-4 g/t, up to 30-40 g/t, Au samples with one value at Lynx Zone returning an assay of 6,190 g/t Au
- Work in Lynx and Lynk Bay area during the 2021 field season resulted in the collection of numerous high grade rock samples from the Lynk area, mostly taken from historic trenches in this area. Two rock samples collected from one trench exceeded 1,000 g/t Au, along with several other high grade rock samples.
- The induced polarization surveys have documented strong resistivity and chargeablilty zones associated with the Kideny Pond Zone. The resistive responses are associated with the intense silicification. The chargeability zones are attributed to the disseminated mineralization and the graphitic zones associated with the carbonaceous siltstones which are key to the deposition of the gold in the quartz breccias.
- Successful negotiations with permits and access agreement established over key prospects at Gordon Lake including ten primary occurrences of gold mineralization; Burnt Island, Goodrock, Storm, Camlaren, Daf, Kidney Pond, Myrt - WT, Murray Lake, the May showing on the Nickerson lease and the CZone on the Vaydik lease. These are the individual properties that make up the South Gordon Lake property.
- Golden Pursuit completed a LiDAR survey in August of 2021. A threeweek prospecting and sampling program, obtaining 202 rock samples, was completed in the late summer and early fall of 2021. That program was immediately followed up with 1,120 line kilometers of magnetic surveying (1,030 km of snowmachine-towed and 90 km of walk mag) and over 10 kilometers of induced polarization surveying.
It is recommended an immediate airborne electromagnetic (frequency domain) and magnetic survey to be flown across all extents of the ground of interest. The importance of this is that airborne can be used to target groundwork (prospecting and sampling). It is significant to note that groundwork can be undertaken on the interim land withdrawal areas as long as no line cutting, brushing or physical disturbances occur. This allows the company to look at all areas of interest within the southern portion of Gordon Lake, including the mafic/sediment contact along the Cameron River greenstone belt.
Additional and extensive prospecting, mapping and sampling at all areas, upon completion of the airborne, will be instrumental in moving this program forward. Once the geological program has identified additional areas for geophysical surveying, IP and mag should be completed to advance showings to the drill stage. It is Golden Pursuit's mandate to have a number of drill targets identified by January of 2023 and in time to use the winter road for access.
It is well understood that Coarse Gold Vein systems are economically more significant when the veining is at, or along, the sediment-volcanic contact. An example of this is the historical Discovery Mine, just 40 km northwest of the south Gordon Lake property, which produced 1,000,000 ozs of gold from 1,000,000 tonnes of rock. This model exists in the South Gordon Lake area along the east side of Gordon Lake. The Cameron River greenstone belt offers potential for Coarse Gold veins as is related to sediment-volcanic contacts.
It is estimated that a budget of $4.885 M should complete the first-year program at South Gordon Lake.
Qualified Person Statement
The scientific and technical information contained in this news release has been prepared and approved by Gary Vivian, M.Sc., P.Geol. Chairman, Aurora Geosciences Ltd., who is a Qualified Person as defined in NI 43-101.
About Golden Pursuit Resources Inc.
GOLDEN PURSUIT RESOURCES INC. (GDP-TSX-V) is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in the Northwest Territories of Canada and a significant project generator in Nevada with ownership of 16 claim groups, The company has a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in these two prolific regions of North America. The company owns all projects free and clear of any debt or payment obligations. Total shares issued are 33,979,467.
For further information please contact:
Brian McClay, CEO [email protected]
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SOURCE: Golden Pursuit Resources Ltd.